US$20.5m Escrow Account – SEPLAT’s Subsidiary Reaches Settlement With Crestar Natural Resources Ltd

Oil & Gas
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Thursday, April 05, 2018 /04:35PM / NSE

Seplat Petroleum Development Company Plc (”Seplat" or together with its subsidiaries the ”Group”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, announces that a settlement has been reached between its wholly owned subsidiary Newton Energy Limited ("Newton") and Crestar Natural Resources Limited ("Crestar"). The settlement relates to proceedings in the English High Court, details of which were announced by Seplat on 27 January 2017, in connection with the deposit of US$20.5 million currently held in an escrow account (the "Escrow Monies"). The litigation has now been substantially settled between the parties.

Under the terms of the settlement, the Escrow Monies will be split as follows: US$10.0 million to Seplat and US$10.5 million to Crestar. A provision equal to the share of Escrow Monies due to Crestar was already provided for in Seplat's audited 2017 annual accounts.

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